Banking · Account Closure and Penalties
A bank is considering the closure of a Current Deposit Account for a customer who failed to maintain the Minimum Average Quarterly Balance (MAQB) of Rs. 1,00,000 for three consecutive quarters. Before the bank initiates the closure, the customer deposits Rs. 1,50,000 into the account. Which of the following actions is the bank most likely to take under general banking guidelines?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Convert the Current Account into a Savings Bank Account without the customer's consent.
- 2Allow the account to continue after debiting the accumulated non-maintenance charges and issuing a warning to maintain the MAQB.✓
- 3Refuse the deposit and proceed with the account closure.
- 4Immediately close the account due to past non-compliance.
Correct answer
Allow the account to continue after debiting the accumulated non-maintenance charges and issuing a warning to maintain the MAQB.
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